hour, said what is a day like this for you? speak i'm proud of him for showing up my data stock has been down 30%. the outlook below the estimates. david: let's talk about citi unfortunately because they cut so many workers. their stocks taking off. nicole: leading the dow financials really well today. david: we will talk about all the financials coming up but let's take a look at the general indices with the bells ringing on wall street. we got kind of a split decision. you have to remember the negative on the nasdaq is primarily from one stock, apple getting killed pulling down the entire index. when you spent much of a divergence in what is happening on the nasdaq, there is something with one or two stocks in this case a lot of it has to do with what happened to apple and at the end of the day trading down 7%, a huge loss for

apple. liz: apple has an 18% waning. if they continue their slide, looking ahead about 1% today, but if apple continues a pretty dramatic slide, watch this etf, you could suffer bigger losses. david: nicole talk about bank of america. seeing a bump topping $10, the first time that's happened since july 2011. whether it is directly related to what happened to citi, almost 8% jump, but they may be something going on with bank of america by itself. we will look into exclusively in the next hour. liz: the biggest copper producer taking a dive today after saying something that usually helps the company. the move lower sent two material etf down.

this is 8% of the fund invested, and also more than 8% of the fund invested. moving just a bit higher. david: let's take a look back at los angeles, we have people returning to work at the port of los angeles. after very costly strike costing a billion dollars per day. coming up, the mayor is going to be joining us live, talking about the ports, the drive to bring a football stadium back to life to the city and the city's biggest looming crisis. liz: pandora taking a big hit today down 17.5%. the company beat on some expectations and did very well with revenues but they lowered fourth-quarter estimates saying they swing a lot. pandora president and ceo on why

the expectations were lower. he says it is one metric, nothing to worry about and what is being done to bring in more revenue from the event. david: a mixed day on wall street stepping the losing streak while the nasdaq closed in the red as apple tumbled almost 7%. searching before getting back some of the gains in the last half-hour. utilities and financials with a top performing sectors. adding 118,000 private sector jobs in november. sharply down from 137,000 created in october. blaming hurricane sandy saying it trimmed job growth by 86,000 workers, small business created the fewest jobs in nearly two

years. factory orders edging higher in october rising 0.8% according to the commerce department. orders for capital goods posting their biggest increase in eight months jumping nearly 3%. liz: in the pits of the cme. telling us why we could see a 20% drop in the market next year. telling us the sector that will be the big bright spots next year even though he is cautious for 2013. both of these guys say we find ways to invest the matter what. let's start with joe. a great day for the dow and the s&p. the nasdaq sort of a head fake to the other side. tell me what really jumped out to you in the pits. >> when we were challenging earlier in the day and the volatility was falling. in other words it was negative. we see it fall off and it is down. down about 4%.

we continuthe continued the chog noncommittal trade in the s&p. never telling us the fear that we would see an apple and we were sensing with all the headlines. liz: you look, the dow looks good, other big headwinds. >> let's look at it realistically. the largest institutional cover call, that is why we are not getting some of the movement which is movement on the fiscal cliff front or the economic directly saying the upside is warranted. david: they were thinking of apple as utility, something where people were betting on one of the reasons it has come down a lot because a lot of the

margin bets made on apple are now disallowed because it is no longer a sure thing. it's what is happening to apple significant for all? >> what i would say is apple is the stock to watch tomorrow.3 there could be some considerations were they move their experiments but the long and short of it is tomorrow apple has closed on its lows. this could be an opportunity, this washed out all of those you just discussed that were leveraged, washing those out and could see tomorrow institutions come in because they would have to be helped. david: nothing is a sure thing. we learned that housing and now with apple. liz: he says watch for a bounce

tomorrow, we will see if he is right. david: let's bring in the market panel. he is active etf comanager and the capital market research director. good to see you both. you are a bear commute on pretty well in various times in the market goes down, but back in april, i'm quoting you from the mail, the market is very overbought, but since april the market has been up and down, but about what it was in april. were you wrong back then? >> our market timing is a bit of a process. nothing stays at a certain level forever. we were extremely positive in june after the correction when a lot of the gauges got oversold. i was on the show in september or october before the election and was very bearish: the correction that came with the

election. currently my newsletter on november 19 went positive on the market, but i still think next year will be quite a rough year. liz: 20% haircut, that is rough, what would be the catalyst for that? >> lower earnings would be the culprit. liz: your cautious move into 2013, yet you're ready to put money to work. what areas should investors be looking at to dodge any kind of real danger in their portfolio? >> you talk about apple earlier in the segment. what is happening in the broader consumer space, what has been happening for the last several weeks is moving forward into 2013, a theme we have told clients about, this is rotation away from the consumer space and into some of the other sectors that have been lagging not only

for the last few months but the last one or two years. apple really isn't the only culprit, although i know it moves a large percentage of the market. liz: home-building and financials. we had a pretty graphic if we can put up so people can get a sense, why those three? >> we think the consumer proceeds for that. the financials, homebuilders eventually we think technology, these groups are unloved, under weighted, rethink institutional unity will gravitate toward those sectors to generate some alpha next year. we think the coosumer space is too crowded and moving away from that raising some funds from that space. david: let's go back to the story of the day, which is apple. there are huge shifts going on right now.

the ones who are getting in late or losing. apple is losing market share, most recently with the tablet perhaps with the iphone as well, we will have to wait and see. there will be big winners and big losers as regards to this shift for these shifts taking place. do you separate out the winners and losers or do you think it is a bad bet right now? >> we whittle it down to the worst 150 names out of that. david: is apple among them? >> no. liz: what are you shortening outside of technology? some consumer names yo new film might not be appropriate for 2013? >> the luxury space is extremely crowded, we were short tiffany's, fossil. we have been short them most of

the year. liz: you can see that was a real win for you, how did you know? >> there have been a lot of pushes going forward. david: we talk about financials with nicole, bank of america, we saw this big bump, unfortunately a lot of that is because they're cutting back. what do you see that the market is just now catching up with. >> this goes back to a function of rotation. they have been huge underperformers for the last one to two years, and ministerin ino breakout of the huge basis. we still think the group as a whole is underweight. his talk like bank of america breaking north of 10, on a

percentage basis would be an excellent trade. like citigroup as well, whole slew of large-cap names we like in that race. bank of america emerging as a leader. it is also good to see the financials start to leave the typical old market structures. cool leadership from the bank, financials. david: you still lake city group after the big jump today of 8%? >> absolutely. look at how ford has fallen. i think there is plenty of upside. david: gentlemen, thank you, good to see you. liz: not a very sweet symphony for pandora today. in that radio stock tanking in front of the earnings release last night on this program. where the company slashed the outlook while they suffered, there's nthere is no outright ds

of the stock. what are they seeing investors may not be? the pandora ceo is joining us. david: the eight-day strike is over but not before cost billions of dollars to the city, the strike could cost the region still and it is struggling for an economic downturn. also what are they going to do? how will it help the billions now on city government workers. we will be talking to los angeles mayor antonio villaraigosa coming up. liz: the president meeting with top executives with the war of words continues with republican leaders in a resolution to the fiscal cliff. we're live at the white house with the very latest. what happened. [ male announcer ] this is steve.

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david: what a strange day. some are way up, some are way down. shares of verifone systems are

getting a boost. nicole with more on that. nicole: some stocks jumping, this is a day that verifone is jumping. take a look at the stock right now, a gain of 7.5%. an upgrade from a neutral setting the emerging competition that everybody is worried about is overdone. his growth story is impacted. when they get lake square for example, they are not worried about them at all. with the story they have a price target of $39, which obviously has upside potential closing around 32.5. david: very good to see you. liz: president obama met with ceos head of the looming deadline for tax cuts and spending cuts. david: a fiscal deal could be reached in a week. rich edson with the latest.

it was an off the record meeting. this is a meeting that affects all of us. speak of the business roundtable says all the meetings are off the table and they have the initial remarks live and available to the press. in that the president did say we could settle this issue in a week if republicans relent on their position for taxes. offering $800 billion in tax revenue, coming from only closing loopholes and seductions, no to a tax rate increase for the president says it is making $250,000 or more, tax rates are going up. >> we will not raise them just out of spite, but rather because the need to raise a certain amount of revenue. >> the president doesn't agree with our proposal and our outline, think he has an

obligation to send one to the congress. and a plan that could pass both chambers of commerce. if you look at the plans the white house has talked about thus far, they couldn't pass either house of the congress. >> high-level negotiations have basically stalled at this point. old sites are selling their plans to voters and the parties. one move on that happene happene of minutes ago. mitch mcconnell attempted to bring up the president's plan for a vote in the u.s. senate, a plan $1.6 trillion in tax increases, hundreds of billions of dollars in spending cuts, a limited debt ceiling for the president. democrats blocked the vote and democratic republicans to the only reason is because the plan is unserious. this is washington, back to you. liz: we have a lower third banner that says we can probably solve this in a week according

to the president. >> if he said if republicans relent on raising tax rates on $250,000 per year. david: always the question of if you'll take over the power, rich edson is they're following it all for us. coming up, more on what is happening in washington, the chief number cruncher on the heritage foundation here to tell us why they're increasing taxes 25%. liz: pandora shareholders may be singing the blues after the stock plummeted 20% at one point today after beating earnings estimates but admitting it will swing to a loss. ask any internet radio pioneer and ceo joe kennedy why he is whistling a much better tune despite that. next.

liz: to remember yesterday pandora got smacked in the after-hours. not singing a great tune and all, humbled 17% following the earnings release while most numbers came in above analyst estimates it was a guidance well below what many were hoping for. the stock suffered a number of price talks, but did not get a

lot of downgrades. could it be because they believe there are certain economic trends, seasonal trends at play that the company will really be able to overcome. this is what we found out from pandora ceo today. this is what he had to say. >> there is a seasonality to our business, the consumer service obviously. we are tied to consumer advertisers, they did not spend evenly throughout the year. january is historically a week month. concerns it could be even more weaker than usual because of some of the overall macroeconomics. we look forward to the full year next year, we'r we are very excd about the opportunities in particular to continue to grow and improve our mobile observations. liz: the one they had not been able to clamp down on our higher loyalty cost. defaced this conundrum, that is with more and more active

listeners, you have to face higher and higher royalty rates. the question then becomes what are you going to do about that short of waiting for the internet fairy to really come through by congress. >> in terms of just the financial performance of the business, the key for us is to grow our revenue faster than our leverage. because of the structure of the cost. at the same time we are working to achieve what we believe would be a fair level of additional cost. we have listed efforts underway. regardless of what happens from a commercial standpoint we participate in the next obligation which will start in 2014, we will set rates for 2016 through 2020 and looking forwar3 to making our case and that arbitration. liz: we should not toss off legislation and whatever happens there because you have faced for people who don't understand it

an unfair structure, for example satellite radio pays seve 7010% royalty fee. is that at the heart of your problem, or is it something else? possibly apple turning its itunes into either radio it is not taking it. liz: we are making strong moves. paying almost $250 million this year. spent way more than any other radio company in the u.s., more than any other radio company on the planet, more than the entire radio industry in the uk commentary view industry in france. just unprecedented level of royalties. liz: you have some conservatives in congress saying you shouldn't

have congress dictating what should be royalty rates, it should be just left open to the free market. do you agree with that? >> we do not agree with that. radio in this country and around the world for decades has been subject to license because you cannot have tens of thousands of radio stations making individual agreements with hundreds of thousands of artists. it folds down fro for my market efficiency standpoint. we don't want congress to set the rates but we want them to put a structure in place that can consistently deliver rates that all parties, innovative services, all agree upon. liz: i cannot let you go without ringing up, and don't roll your eyes, but the stock moves every time it floats in the market. if apple were to enter the internet radio space you guys face these royalty issues effectively they have dealt with that through itunes and they

would have so many names at listeners fingertips to choose for what could be a listening choice. i spoke to her founderr he said it is basically the playlist, stupid. i get what he is saying, but they could have quite an effective playlist on itunes. what do you say about facing any threat, not just apple. >> the only issue is what we focus on everyday for the last eight years, to build literally the best personalized radio experience in the world. we have done that, we work everyday teveryday to expand oun that. that has been very well received by consumers, and just literally being the best in the world at what they do, that particular focus is really how we beat all the competition that we faced in the last seven years and we think that is the plan for addressing any competition going forward. liz: is most popular playlist?

christmas music in december is 20% of the listening audience. people just discover pandora through their christmas music. and you can focus it. david: the last time we had him on we asked if he would increase commercials. they have, they doubled the amount. the playlist capacity showing what you want depending on your mood is extraordinary. nobody has a playlist as good and is tempered as pandora does. they had a huge drop, 17% loss? soon it may be even easier to find a starbucks. the company is expanding. we will show you where and how coming up. liz: finally back to work at the port of los angeles. los angeles mayor antonio

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time for citi price rewind. because your daughter really wants that pink castle thing. and you realldon't want to pay morehan you have to. only citi price rewind automatically searches for the lowest price. and if it findone, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all youeed is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. liz: time for a quick speed read. some of the day's other top headlines. five stories one minute. first up, u.s. crude oil

production reaching its highest level in nearly 15 years in september. the energy information administration says daily production averaged 6.5 million barrels. that is 16% increase from one year ago. starbucks planning to add 3,000 stores over the next five years with at least half of them in the u.s. the coffee giant expects more than 20,000 stores on six continents within just two years. zappos ceo pledges one million dollars to help bring college grads to las vegas. graduates will work to support sin city start us small businesses and real estate projects. research firm idc says greater variety among tablets is boosting demand but more players could not be good news for apple. the firm expects apple's market share to drop 3% of the part of that report brought the stock down today. amazon launching service for kindles including movies, games and books. $2.99 per child for amazon's

prime members. [buzzer] great, more movies and games on a kindle. david: just what they need port workers in los angeles and long beach are returning to work today. thank goodness, it was costing billions each day after reaching aing deal with management last night and setting the 8-day strike. liz: we're joined by a man who helped with the negotiations antonio -- antonio villaraigosa. >> hi, david, hi liz. david: good. liz: we have to go to federal mediation and what in the blink of an eye, 14 seconds, suddenly a deal. what brought you to the step of saying guys, it has got to go to the feds at this point? >> well, i've been working with them for 2 1/2 years. the fact we avoided couple of strikes over those years but, it came to this. i was on a trade mission in latin america promoting the port and the airport. the largest destination airport and the largest port complex in the united states.

moved 45% of the all the seaborne goods. i called them from brazil and chile and colombia said you have to do this around the clock. i came back early and made sure they did. i said look, we'll be here till we drop but we'll have to settle this thing. i got there about 11:30 on monday night. by 10:00 in the morning i said look, you guys are two far apart. we need to bring in a federal mediator. they both agreed to do that. they got to serious negotiations. liz: good. >> we actually ssttled this thing before the mediator got there 8:30 last night. david: it is settled but you still have a lot of stuff on those boats, on those container ships. it has to be brought in. >> yes, we do. david: last time it happened 10 years ago, it cost a billion dollars a day. that lockout for strike was during the fall. in is from the chris most season. can you get stuff from the ships onto the shelves in time for christmas shopping? >> no question about it. we'll work as hard as we can

around the clock to get the goods to their stores and their factories. as you said, this is a billion dollar day proposition. we lost about the $8 billion here but we're going to work really hard to get all the goods and merchandise to the retailers. the goods that the factories need to keep on operating here in this county. liz: we're thrilled that it us resolved because l.a.'s unemployment rate is 11.4%, the worst possible thing that could have happened for the entire state of california is to add to that but nonetheless l.a. is in a very difficult spot. >> it was the worst possible thing. i made it absolutely clear to both parties that we weren't going to tolerate it, that we had to get this settled and we were going to do that. we're here at farmers field, a great opportunity to bring in a football stadium. to make l.a. convention center facility. build about seven hotels and really kind of transform the

downtown that i used to work at shining shoes in the 1950s. liz: you know, i was there with the rams. i'm from l.a. the l.a. rams when i was a kid. then the raiders and then nothing. how are we going to get a team there? where will it come from? do you believe we'll finally get an nhl team again, mayor? >> an nfl team. i too used to go to the rams and raider games and it's time for l.a. football to come back. that's why we led the charge to make farmers field happen, to put the plan together. to approve the eir and all of what comes with it. as i said this is critical not just for football and not just for one football team. i expect when it is all said and done we'll get two football teams. we'll have a great stadium here. but it will also ave a great convention center city with seven new hotels around here. this is a game-changer for% us. you know when you look downtown just a decade ago

before l.a. live, before staples center, it was a ghost town. now you can shop and walk and eat here late at night and feel very, very safe. l.a. is safer by the way anytime since 1952. 10 years of consecutive drop in crime. you can walk downtown. you can have a great time. david: you have done an extraordinary job bringing crime down. that is the number one most concern of city dwellers. you've been less successful dealing with very big part of the budget is the pension cost of all city workers. you had a plan that was shot down to make the plans for of a four owe one k -- 401(k), like in san diego. that was shot down because unions were against that. you have had a five-fold increase in annual payouts for pensions the dozen years or so. how will you meet that growing demand? how are you going to straighten that out? >> first of all, thank you for asking that question. pensions here in this city and municipalities across

the country aren't sustainable going into the future. we're living a lot longer. i'm going to be 60 in january. i hope to live till i'm 80. you can't retire and gett3 proportion of your salary that you did in another era. and so we've actually gotten our employees to go from 6%, to 11%, the largest jump in the state. one of the largest in the united states. that is our current employees. i put a plan together, you're right, one plan failed. that was the riordan plan. i put a plan together to move retirement for new employees from 55 to 65, to reduce what you get at the end. david: the unions have already dumped on that the union seas that is unacceptable. >> well, they have dumped on it but we passed it on a 14-0 vote. for new employees that is going to be the new paradigm. david: okay. >> you're right, there is opposition to that. they like putting pictures of me and governor walker but at the end of the day

we've got to protect pension security for our current employees. put a plan together and we have for new employees. i would have liked to have seen us go even further but i'll tell you, it was a giant step forward when you look where we were. liz: well, mayor, thank you very much. we're glad the strike is over and the only good thing about the nhl lockout is that the l.a. kings can hold onto the stanley cup an extra couple months. david: you have a much cleaner dodgers stadium as well too with the new ownership, right, quickly? >> we have a great dodger ownership. i couldn't be more excited about next year. the same with the lakers. you saw what the galaxy did and the kings. liz: clippers. clippers. david: good sports town. >> clippers, of course. liz: suddenly that is the hot ticket. david: we love new york as well, mayor. you have to understand. we have our own teams here too. thank you very much. good to see you. >> thank you so much. >> thank you. liz: citigroup as you know

announcing a massive 11,000 jobs are being cut. our own liz macdonald has been talking to citi executives about the possibility of even more cuts to come. find out what they're saying. david: plus call it the never-ending stimulus. look at this. as you can see money added back in 2009 continues to show up each year. where is a lot of this money ending up? what happened to the stimulus? supposed to be a one-shot deal. we had it four years in a row. when will it end? more on that coming up. having you ship my gifts couldn't be easier.

well, having a ton of locations doesn't hurt. and a santa to boot [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ malannouncer ] break from the holiday stress. fedex offic >> i'm robert gray with your fox business brief. eastman kodak has reportedly gotten a more than $500

million bid for its patents. "the wall street journal" reports the deal would satisfy a key term for the company to emerge from bankruptcy. caesar's entertainment can now operate online poker in nevada. the state's gaming board approved caesar's license the company has the largest share of the u.s. physical casino market. caesar's is working with a british online banking firm to expand its internet gambling presence. dame elizabeth murdoch has died. the mother of news corp executive rupert murdoch. she donated money to more than 100 charities. she was 103 years old. news corp is the parent company of the fox business network. that is the latest from the fox business network, giving you the power to prosper.

david: the business of government so out of control and to apply any kind of accounting rules to what is

going on with the budget right now may seem a little out of place. since the president said yesterday math does still matter we thought we would talk budget math with economist bill beacher from the heritage foundation. bill, let us start first with the spending side and what i call the never ending stimulus because it was supposed to be a one-shot deal, remember? $800 billion. 2009, but then it continued. we can put up a chart showing how it jumped from 2008, to 2009 by about $800 billion. you can see that the bottom there. and then it just continued. in 2010, in 2011, in 2012. where is all this money going? >> well it is supposed to be going to the cutting-edge of the economy. small business creation. you had a piece on this earlier. it is not going there we're at the slowest rate of any recession since world war ii in small business formation. the slowest possible rate --. david: i want to stop you right here. i've been going you there the numbers and i've been

trying to figure this out. i've really been trying to figure it out. how did that 25% increase in government expenditures, huge increase, we haven't seen an increase like that since world war ii, how did that become permanent? how did it go from being a one-shot deal, the stimulus in two thooin -- 2009, tt being part of the baseline budget? >> that is the way it workings in washington, david, you know that. once congress puts in place a spending increase, they reappropriate it, build into the baseline and do it before. construction projects need to be expanded. right across the street from the particular studio we have a big train station, union station. a construction project going on three years, all stimulus money. will never end. david: yeah. >> the point. i was raising is it should have gone to the job creators. but because it doesn't but went to the institutional interests here, the big, the big businesses or the

lobbyists that build big construction projects because most of it can be traced here. we actually know where the money went in general, it didn't go to places that would have caused the pconomy to recover. david: again, surprise, surprise. you have to pay for the extra 25%, which is why the president wants extra 25% in taxes. he is talking a different tune. he said impossible to do without raising tax rates. this is what he said about a year ago. take a listen. >> what we said was give us 1.2 trillion in additional revenues. which could be accomplished without hiking taxes, tax rates but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lowered rates generally while broadening the base. david: well, bill, there is your compromise. the president just said what the compromise. if he was to say that today, we would have no fear of

going over the fiscal cliff. >> absolutely not. we need a new tax code. that's absolutely the base thing we need to have. it should have lower rates. and it should come ultimately, tax reform does, by taking out all the junk in the code. david: the extraordinary thing he said exactly what pub puns republicans are calling for. it could end the skaubling. he said the following. this is his principles for tax reform from his budget in 2011. lower tax rates. the tax system should be simplified and work for all americans with lower individual and corporate tax rates and fewer brackets. again, that is the compromise we're all looking for, quickly. >> well it is absolutely but let me take you back to where you started. that is we have the big increases in spending that seem to be in the budget right now. that is where really the other side on this debate wants to go. increase spending. they need increased revenues. why not go over the fiscal cliff where you get both of

those? i think that's where we are headed, david, unfortunately. david: bill beach, director of heriiage foundation director of for analysis. good to see you again. liz: right before the holidays, citi cutting costs and 11,000 jobs with it. that number could go up even more. liz macdonald has all the breaking details exclusively here on fox business. but when i was in an accident... i was worried the health care syst spoke a language all its own with unitedhealthcare, i got help that fit my life. i never missed a beat.

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liz: the third largest u.s. bank announcing it will cut 11,000 jobs in an effort to reduce costs. david: the move by citigroup reflects the first major restructuring initiative by new ceo michael corbat. liz macdonald learned more job cuts could be on deck. say it ain't so. >> we've been reporting this since this morning. more job cuts could on the way. he said ttis is an initial foray. i tell you something, fitch ratings preserved citi's credit rating. fitch says if this is 4% of the workforce, 2% of your annual expenses. they're saying it is modest. so citigroup insiders

talking to fox business, they're essentially saying that the problem with citigroup is we've been living too long with too many layers and dysfunction. we need to rationalize our operation. one of the most top heavy bureaucratic banking organizations on the planet. whether or not they can do layoffs and not break up because there is insider pressure to break up the bank from trilium management. they say supermarket banking way to go doesn't work anymore. possible breakup of citi. more lay offs likely down the road for citigroup. liz: only 4% but 11,000 seems too much. liz, thank you. >> sure. david: we have a lot more coming up tomorrow. a lot of things are happening. what will happen with the market and apple in particular? we had one our analysts today say now is a screaming buy for apple. will people go back in and start to buy up the stock thinking it is cheap? liz: you have to join us tomorrow. money with melissa francis is next. have a good night now we need a little bit more...

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